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  • Unprecedented Debt


    In the mid-1960s, Democratic President Lyndon Johnson created a blue-ribbon commission of civic leaders who recommended chartering a center for independent nonpartisan analysis. The Urban Institute became that center. Urban Institute senior fellow Rudolph Penner told the New York Times yesterday:

    Many say we risk providing too little rather than too much stimulus. Don’t bet on it. The amount of public debt created will not only break post World War II records, but shatter them. The increase this year relative to G.D.P. will be more than twice the previous record set in 1983 when President Reagan was accused of running irresponsible deficits.

    There is a risk of raising interest rates and adding to the turmoil in international capital markets. Even if that does not happen, we’ll certainly be adding enormously to the interest bill facing future tax payers.

    It is also hard to imagine how federal, state, and local bureaucracies are going to manage huge percentage increases in specific budgets, especially when they are expected to spend the money quickly. Much waste seems inevitable. Moreover, will we have the guts to impose similarly large percentage reductions in budgets when the stimulus is supposed to end in two years? Or will we simply add to a long-term budget problem that is already horrendous?

    Posted in Ongoing Priorities [slideshow_deploy]

    8 Responses to Unprecedented Debt

    1. Ozzy6900, CT (The Bl says:

      If this "stimulus" package goes through, we will never see the end of our debt. You can count on that!

    2. Wayne from Jeremiah says:

      I have linked to your post as a resource for BlogWatch Economy

    3. David, Troy says:

      Your graphic is too small i can't read. Other than that nice post.

    4. Fred Bielat, Niles I says:

      Buy gold! Inflation is on its way!

    5. Mildred J. Baker says:

      NO Stumulius package, just give the people back our government, bring all bills back to the public for votes, it is our so call government that has broke broke the bank, also stoled our social security, and now they want to dictator to us on how to spend our hard earn money, sent them home and let us detected to them how to spend their money, We are gong into a detector state, what a shame. how do these people got into office. is behond me. The only thing i can come up with is there is too many people out there that want to ripe off our government, and the congress an senators will do anything to get elected. they have stole from the people who works for our living, and all they want to do is incorage them to live of the gorvnment because they think it is all right to steal from any and all people and look as us because we have principle and morals.and official will do anything to get their vote. So thank for stealing more from us. MAY GOD HELP YOU AND START STANDING UP OF OUR FATHER WHICH IS GOD.L

    6. Pingback: Liberally Conservative » Blog Archive » House Republicans Demonstrated Leadership Against Liberal Pork

    7. Barb -mn says:

      And what's the Obamater debt at today?

    8. Pingback: Morning Bell: A Trillion Dollar Bridge to Nowhere | The Foundry: Conservative Policy News.

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